1/22/09
Two swing trades today...going for the third
830 is trying to hold..DOW -114 after basically getting back to unch...lots of land mines
75% Of Latest Bank Of America Bailout Used To Pay Merrill Lynch Bonuses (BAC)
75% Of Latest Bank Of America Bailout Used To Pay Merrill Lynch Bonuses (BAC)
Henry Blodget | Jan 22, 09 6:22 AM
Remember the latest Bank of America (BAC) bailout, the one we were all so steamed about last week? (The $20 billion of cash and $100+ billion of trash-asset guarantees that absolutely had to be given or else Bank of America shareholders might have lost everything?)
Yes, well, you probably thought that that cash would be used to bolster the bank's capital or something. (We know you weren't dumb enough to think it might have been used to make loans).
Alas, it wasn't used for that. It was used to pay Merrill Lynch executives the huge bonuses they deserved for unloading their balance sheet on for-some-reason-not-yet-fired Bank of America CEO Ken Lewis.*
Has change really come to America? We'll believe it when we see it.
Henry Blodget | Jan 22, 09 6:22 AM
Remember the latest Bank of America (BAC) bailout, the one we were all so steamed about last week? (The $20 billion of cash and $100+ billion of trash-asset guarantees that absolutely had to be given or else Bank of America shareholders might have lost everything?)
Yes, well, you probably thought that that cash would be used to bolster the bank's capital or something. (We know you weren't dumb enough to think it might have been used to make loans).
Alas, it wasn't used for that. It was used to pay Merrill Lynch executives the huge bonuses they deserved for unloading their balance sheet on for-some-reason-not-yet-fired Bank of America CEO Ken Lewis.*
Has change really come to America? We'll believe it when we see it.
SPX at 60 min upper channel again
STO and MACD look promising for continuation but 830 is a res level
The New guy in charge of the Treasury knowingly cheated on his taxes
IS NOW IN CHARGE OF THE IRS... Great call Obama...yes we can't
Geithner approved by Senate panel for Treasury Secretary
WASHINGTON (MarketWatch) -- The Senate Finance Committee voted Thursday to approve the nomination of Timothy Geithner to be Treasury Secretary. The vote was 18 to 5. Several Republicans said they could not vote for him because of errors on his tax returns uncovered by the committee. Sen Jon Kyl, R-Ariz., said he did not believe Geithner was candid with the panel. But Democrats unanimously backed Geithner. Sen. Charles Schumer, D-N.Y., said Geithner would be an able navigator through "troubled, dangerous and uncharted waters." The nomination now goes to the full Senate floor, and is expected to be cleared easily.
Geithner approved by Senate panel for Treasury Secretary
WASHINGTON (MarketWatch) -- The Senate Finance Committee voted Thursday to approve the nomination of Timothy Geithner to be Treasury Secretary. The vote was 18 to 5. Several Republicans said they could not vote for him because of errors on his tax returns uncovered by the committee. Sen Jon Kyl, R-Ariz., said he did not believe Geithner was candid with the panel. But Democrats unanimously backed Geithner. Sen. Charles Schumer, D-N.Y., said Geithner would be an able navigator through "troubled, dangerous and uncharted waters." The nomination now goes to the full Senate floor, and is expected to be cleared easily.
SPX 812
Getting to a critical area IMO, 804 needs to hold for the bulls.
Sharp trade down to bottom of the channel is definitely a possibility
RIMM set up
For sure a great run in this market. However now watching for a short set up mainly using the RSI...not there yet
Market Teaches Lesson #2.. http://market-ticker.denninger.net/
Yesterday saw the "greed" side of the "fear and greed" equation on Wall Street.
What set off a 14.7% rally in the XLF - the very same financial sector that got destroyed the previous day?
The following:
President Obama said in a loud, clear voice that the policy of obfuscation was over - that FOIAs and similar requests were going to be handled with a bias toward approval, not "hiding things."
Insiders at JP Morgan and Bank America bought shares
There was a statement out of Europe hinting that there may be intervention in the Pound if it continued to get destroyed.
All three combined to produce a powerful rally as people ran for the exits of what had been very profitable trades. Greed? Or fear of being trapped by yet another rule change?
Does it matter? To use one word: YES.
The market doesn't move in this sort of fashion if it is healthy. The distrust in our financial markets is the stuff that books will be written about down the road - assuming our Republic survives.
But in the meantime, the market sent a powerful signal that while fear and greed continue to be the driving forces, neither holds the upper hand today, and yet confidence - the key element in all financial markets - remains absent.
How do we restore confidence?
President Obama took an important baby step with his speech Wednesday, promising more transparency.
What set off a 14.7% rally in the XLF - the very same financial sector that got destroyed the previous day?
The following:
President Obama said in a loud, clear voice that the policy of obfuscation was over - that FOIAs and similar requests were going to be handled with a bias toward approval, not "hiding things."
Insiders at JP Morgan and Bank America bought shares
There was a statement out of Europe hinting that there may be intervention in the Pound if it continued to get destroyed.
All three combined to produce a powerful rally as people ran for the exits of what had been very profitable trades. Greed? Or fear of being trapped by yet another rule change?
Does it matter? To use one word: YES.
The market doesn't move in this sort of fashion if it is healthy. The distrust in our financial markets is the stuff that books will be written about down the road - assuming our Republic survives.
But in the meantime, the market sent a powerful signal that while fear and greed continue to be the driving forces, neither holds the upper hand today, and yet confidence - the key element in all financial markets - remains absent.
How do we restore confidence?
President Obama took an important baby step with his speech Wednesday, promising more transparency.
Another Freaking Gap open Down 2%
Gap and trades down to trend line but not violated MACD cross, not yet...could be buy the dip (I don't know why... :) )
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